FLORHAM PARK, NJ- HFF announced the sale of Park Square, a 159-unit, luxury apartment community located in downtown Rahway, New Jersey.
HFF marketed the transit-oriented property on behalf of the Landmark Companies. Roseland Property Company, a wholly owned subsidiary of Mack-Cali Realty Corporation, purchased the asset for $46.5 million, or nearly $292,500 per unit.
Completed in two phases between 2009 and 2011, Park Square is located at the intersection of Irving and Main Streets in downtown Rahway and is two blocks from the Rahway transit station, providing access to midtown Manhattan and other suburban locations. Consisting of two four-story buildings, the community is 94 percent leased and has homes averaging 1,176 square feet each. Community amenities include two fitness centers, community room with Wi-Fi, outdoor lounge, billiards room and covered parking. The property also has approximately 6,000 square feet of street-level retail.
The HFF investment sales team representing the seller was led by Kevin O’Hearn, Jose Cruz and Michael Oliver from HFF’s New Jersey office along with Andrew Scandalios and Jeff Julien from HFF’s New York City office.
“In Mack-Cali/Roseland’s first apartment purchase in New Jersey since their merger, they did an outstanding job of working through some items that arose during the process and solving them efficiently and effectively. Their investment in Rahway is a tremendous endorsement for the town and its growing downtown Arts District, as well as a testament to the high-quality property developed by Landmark,” said O’Hearn.
Landmark is a diverse real estate company focused on the design, development, construction and management of real estate. Based in New Jersey, Landmark has earned its reputation as one of the area’s leading residential development companies by its sustained focus on customer service and satisfaction, its commitment to superior quality construction and its dedication to planning communities that will continue to grow and thrive.
Since 1992, Roseland Property Company and its principals have grown to become recognized as industry leaders having developed more than 40,000 high-end residential units, in addition to more than 4,000 residential sales since 2004. Superior quality, meticulous attention to detail and an unwavering commitment to customer service are the standards that Roseland demands for its properties. www.roselandproperty.com.
Mack-Cali Realty Corporation (NYSE: CLI) is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 275 properties consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet and nine multifamily rental properties containing more than 3,300 residential units, all located in the Northeast. The properties enable the company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants. www.mack-cali.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.